looking up at pipes
looking up at pipes


Investing in the UK’s Gas Distribution network

£13.4 billion acquisition of National Grid’s UK Gas Distribution network.

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Sector Infrastructure
Sub-sector Energy
Location United Kingdom


National Grid Gas Distribution is a critical UK infrastructure asset, responsible for operating four out of the eight gas distribution networks in the UK, delivering gas to around 11 million customers. The network rebranded as Cadent in May 2017.


Macquarie Capital acted as lead financial adviser to the Quadgas consortium. MIRA formed and led the consortium of like-minded long-term infrastructure investors.


Seamless M&A and DCM advice helped Quadgas maximise value and select the most flexible and efficient capital structure for this highly competitive transaction.

£13.4 billion

of enterprise value

61% equity stake

in National Grid’s UK Gas Distribution business

£2.3 billion

of investment grade debt from a club of 13 banks raised in only six weeks

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